Contrary to the strong upward trend of Bitcoin, which is maintaining a strong upward trend, XRP has recorded a strong upward trend and has broken the $2 mark for the first time in 6 years. This seems to be the result of the possibility of easing the legal dispute with the Securities and Exchange Commission (SEC) and the announcement of the resignation of Gary Gensler, the chairman of the SEC.
As of 6 am on the 2nd, according to the global virtual asset status relay site CoinMarketCap, Bitcoin rose slightly by 0.11% from the previous day to $97,127. In contrast, XRP surged 13.86% during the same period, recording $2.16. XRP also rose 13.7% from the previous day, and recorded a sharp increase of 50.7% over the past week. This is the first time XRP has exceeded $2 since January 2018, and its market capitalization has also exceeded $123 billion, breaking through the $100 billion mark again.
The recent surge in XRP is analyzed to be due to the possibility of easing the legal conflict with the SEC. Ripple Labs has been in legal dispute with the SEC since December 2020, and in July 2023, the court ruled that the sale of XRP within the exchange is not considered a security. However, the sale to institutional investors may be classified as a security.
The court also significantly reduced the fine imposed on Ripple from $1 billion to $125 million, but Ripple is delaying payment by demanding further reduction of the fine. Meanwhile, with the recent announcement of the resignation of Gary Gensler, the SEC chairman who has shown a conservative attitude towards cryptocurrency regulation, expectations are spreading that a favorable result will come for Ripple. In particular, the possibility of further reduction of fines and regulatory easing is supporting the surge in XRP.
Another positive factor for XRP is the possibility of approval of the stablecoin RLUSD. RLUSD is a stablecoin issued by Ripple, and the prospect of its approval is further driving the rise in the value of XRP. Stablecoins are attracting attention as a stable investment tool in the cryptocurrency market, and the approval of RLUSD is expected to be another factor that will strengthen Ripple's market position.
Meanwhile, Bitcoin is maintaining a relatively stable trend, showing a strong upward trend. As of 7:30 am on the 2nd, Bitcoin is trading at $97,639, up 1.19% from the previous day. This is a 0.02% slight decrease from a week ago, but the possibility of a rebound due to the Black Friday and year-end Santa Claus rally effect is expected.
